16:18 - 7.03.2023

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March 7, Fineko/abc.az. The Reserve Bank of Australia (RBA) has taken a new step to curb inflation.

The bank of this country has raised interest rates to the highest level in the last 11 years - 3.6%, ABC.AZ reports with reference to Bloomberg.

The Australian bank raised the cash rate by 25 basis points to 3.6% at a board meeting. This is the highest level since mid-2012.

It was the 10th record high in a row at the beginning of last May, when the cash rate rose by just 0.1%.

Experts believe that from now on economic growth is expected to decline to 1.5% this year.

This reinforces some concerns that the economy could start a recession in the next 24 months.